00:00My view is that the AI beneficiaries are the sell-off, and I don't think they're expensive, but they're crowded.
00:07In other words, it's captured the zeitgeist of the momentum traders, and when that happens, you're going to have sharp
00:13sell-offs like we're having.
00:15I'd argue it's healthy. It's good for the markets, because ultimately what you don't want to see is so much
00:21kind of euphoria that it ends badly.
00:24And I suppose that the likelihood that the Fed's gone from for sure cutting to maybe raising, that's probably caused
00:32a little bit of the bubble to deflate.
00:35The earnings revision story has validated these stocks.
00:39These stocks have gone up a lot, but so have their earnings and their earnings revision.
00:43So, again, the market seems to me, if you look at some of these memories and some of these chip
00:49stocks, they're not selling at high multiples because the market is acting rational.
00:54It knows that these are very cyclical earnings.
00:57That doesn't strike me as, like, you know, kind of euphoria when people are acting very irrational.
01:02It's markets pricing them appropriately.
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